Tasmea (TEA) H1 2026 earnings summary

Executive summary

• Revenue for H1 FY26 rose 62.4% year-over-year to $400.5 million, driven by organic growth and the acquisition of WorkPac, which established a new Workforce Solutions segment.

• Underlying EBIT increased 36% to $44.3 million, with margin (ex-WorkPac) at 13.7%, up 50 bps from H1 FY25.

• Underlying NPAT rose 32.2% to $26.6 million; statutory NPAT was $22.3 million, impacted by prior period one-off gains.

• Integration of WorkPac is progressing, with $2 million in annualised cost synergies identified and over 140 specialist roles recruited.

• Interim dividend of 6.0 cents per share declared, up 20% year-over-year, with DRP participation by executive directors.

Financial highlights

• Revenue: $400.5 million (up 62.4% year-over-year); excluding WorkPac, revenue was $323.1 million (up 31.0%).

• Underlying EBIT: $44.3 million (up 36%); statutory EBIT: $40.0 million (up 12.4%).

• Underlying NPAT: $26.6 million (up 32.2%); statutory NPAT: $22.3 million (down 20.0%).

• Earnings per share increased 19% to 10.6cps; basic EPS was 8.88cps (down from 12.32cps year-over-year).

• Underlying free cash flow was $26.5 million, with 100% NPAT to free cash flow conversion and 130% cash conversion rate.

Outlook and guidance

• FY26 guidance reaffirmed: $117 million EBIT (+57% YoY) and $72.5 million NPAT (+37% YoY), with 93% of forecast revenue secured, recurring, or tendered.

• Over $340 million scheduled for delivery in H2, supporting strong earnings visibility and organic EBIT growth.

• Integration of WorkPac progressing as planned, with $2 million in cost synergies identified and full benefits expected in FY27.

• Strong pipeline of programmatic acquisitions and industry tailwinds in mining, electrification, and infrastructure.